Last updated at: (Beijing Time) Friday, March 22, 2002
Li Peng Meets Ecuadorian President
China supports the efforts of Latin American countries to set up an integrated regional economy, Li Peng, Chairman of China's National People's Congress (NPC) Standing Committee said Thursday during his meeting with Ecuadorian President Gustavo Novoa Bejarano.
Li said that the economic integration of the region is conducive to the process of polarization of the world and to South-South cooperation. He said China will encourage private enterprises in the country to invest in Ecuador.
Gustavo Novoa Bejarano said as an active advocate of a common South American economy, Ecuador is working with Brazil and Peru in making preparations for the construction of a South American communication network. He said Ecuador would welcome Chinese investment in the construction of harbors and airports for this communication network.
Exchanges & Cooperation of Importance
Li said the friendly exchanges and cooperation between the parliaments of the two countries are an important part of bilateral relations. Noting that the NPC has established a special panel for parliamentary friendship between China and Ecuador, he said China is ready to join with Ecuador in pushing forward bilateral relations.
Bejarano said his visit to China is aimed at further strengthening friendly relations between the two countries, achieving closer political links and making trade and economic cooperation more fruitful.
China and Ecuador
I, Political Relations
On 2 January 1980, the People's Republic of China and the Republic of Ecuador formally established diplomatic relations. In July of the same year, China set up its embassy in Ecuador. In July 1981, Ecuador set up its embassy in China.
Since the establishment of diplomatic relations, Sino-Ecuadorian relations have been advancing smoothly. The two sides maintain high level political contacts and their exchanges in the areas of trade and economy, science and technology, culture and education grow steadily. In international affairs, the two countries understand and support each other.
II, Trade and Economic Relations
Early in 1975, the two governments signed a trade agreement. Since the establishment of diplomatic relations, the bilateral trade and economic relations have made new headway. Chinese main import items from Ecuador include banana, lobster and fish meal, and its main export item to Ecuador include light industry products, industrial and agricultural tools and mechanical equipment. Through common efforts, the two-way trade has soared from several million US dollars in the 1980s to over ten million US dollars in the 1990s. In 2000, the bilateral trade volume was 155 million US dollars, among which 74.87 million US dollars was Chinese export and 80.13 million US dollars was Chinese import.